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Bond Market News
Braskem’s Dollar Bonds Drop as ADNOC Talks Fall Through
May 7, 2024
Braskem’s dollar bonds were lower by 1.3-2 points across the curve after talks with Abu Dhabi National Oil Co (ADNOC) failed. The exact reason for the stall in talks is not known. In November 2023, ADNOC offered $2.1bn to acquire a 38.3% stake in Braskem in November 2023 in order to to develop a global chemicals business and diversify beyond oil. Now, Brazil’s Petrobras (a minority shareholder in Braskem) is waiting for other companies to make bids for a stake in Braskem after ADNOC pulled out. In February, it was reported that PIC from Kuwait and Saudi’s Aramco showed interest in acquiring a stake in Braskem. However, no details have emerged since then regarding their interest.
Braskem Idesa’s 7.45% 2029s fell 2.3 points to 77.16, yielding 13.44%.
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